CFO of Boston Provident Charged with Securities Fraud

November 10th, 2009
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The SEC charged Ezra Levy, former CFO of hedge fund manager Boston Provident LP, with securities fraud. In June 2009, Mr. Levy allegedly made unauthorized trades from his own personal account to Boston Provident’s accounts at an above-market price. Levy’s trading generated an illegal profit totaling over $500 Million. Levy had access to the firm’s electronic trade system but did not have permission to make trading decisions. On Tuesday, Mr. Andrew Calamari, Associate Director of the SEC's New York Regional Office said, "Levy executed a fraudulent scheme to benefit himself at the expense of Boston Provident and its clients." The SEC is now pursuing legal action to freeze Mr. Levy’s assets.
See Press Release
Related Article Tags: Hedge Fund Fraud and Ponzi Scheme News

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